Robin Knox & Paul Walton
Robin Knox and Paul Walton, the entrepreneurs behind Intelligent Point of Sale (IPOS), have announced their return to Scotland’s start-up scene with a new business.
The pair made a successful exit from IPOS in 2017, which they had grown to employ 80 staff. Soon after iZettle bought IPOS it was acquired by PayPal for $2.2bn.
Their new business, smart home security system Boundary, will launch mid-2019 and is targeting 100,000 homes in four years with £6m in annual recurring revenues. The start-up is expected to create a significant number of jobs in tech, sales and marketing, and plans include leveraging artificial intelligence to create market-leading solutions, including a camera which learns as it watches.
The team behind IPOS have personally invested £300k in Boundary and will raise a total of £1.5m to bring the product to life. An equity investment round is expected to close in November with a Kickstarter campaign also planned to go live in October.
Knox says: “As humans we all have a deep-rooted instinct to protect our property and our possessions. Effective home security should not just be something for the rich but for every homeowner, from first time buyers in a terraced house or a pensioner living in a bungalow, to young professionals in rented accommodation. Our aim is to bring crime rates down by making our homes safer.”
Paul Walton said: “There is a massive opportunity that is not being addressed by incumbent UK alarm systems either by budget players or high end to develop an easy to install wireless home security system. The market for burglar alarms is ripe for disruption with poorly featured legacy systems and undervalued customers creating a gap in the market for a trusted low cost monitored security solution that is easy to install and operate. Our alarm will comply with strict EU and British standards to allow for police monitoring options at an affordable price.”
In 2017 Knox founded SeedHaus, with Walton joining as partner-investor. Seedhaus is Scotland’s first pre-seed technology accelerator – a community of entrepreneurs, values driven investors and digital makers - with the aim of supporting outstanding founders tackling real commercial problems in large markets.
Knox and Walton are re-investing back into Scotland’s entrepreneurial ecosystem and have already made approximately £500k investments into early stage businesses between them in the last year.
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